Pete Ferrara on the last five years:
what America got by year five was fewer jobs than before. Even though the employment age population has increased by nearly 12 million since January, 2008, there are now 3 million fewer Americans working, with employment declining from 146.3 million in January, 2008 to 143.3 million in December, 2012. If America enjoyed the same labor force participation rate as in 2008, the unemployment rate in December, 2012 would have been 11.4%, compared to 4.9% in December, 2007, under President George Bush and his “failed” economic policies of the past. We won’t see 4.9% unemployment in America again until the statest takeover of America is purged…
61 months after the recession began, unemployment was still rising, even while record numbers continued to drop out of the work force. The unemployment rate for blacks was still well into double digits at 13.8%, for Hispanics still nearly double digits at 9.7%, for teenagers, continued depression at 23.4%, for black teenagers, a genocidal 37.8%. The official U6 unemployment rate, counting those who were working part time because they couldn’t find full time work, and those marginally attached to the work force who wanted and were available for work for up to a year, was 14.4%. Obama constantly proclaims himself the champion of the middle class. But that is just more Saul Alinsky strategy, enact socialism while proclaiming you are doing it for the middle class (which is actually getting taken). During the last 5 years, real median household income has declined nearly 9%, from $54,489 at the end of 2007, to $50,020 at the beginning of 2012. That was the most precipitous plunge on record
We wonder if there’s a limit to using spin and shiny objects to distract the young and stupid. If this economic decline keeps up, we’ll probably find out in a few years.